Designated Person Service


Role & Requirements of the Designated Person (‘DP’)

  • May be a Director, employee of the Fund Management Company or seconded to the Fund.
  • Non Director DP may be located outside Ireland with 2/3 of DP’s in EEA.
  • A Substantive Role. DP acts as line of management re ‘day to day’ activities between Board and Delegates.
  • Seniority to challenge delegates and seniority and knowledge to engage with the CBI.
  • Demonstrate experience & expertise in the specific designated person role.
  • Clear on responsibilities & requirement for each role and keep abreast of developments in that particular managerial area.
  • Put in place Policies & procedures for each Fund or verify why appropriate to rely on delegates policies and procedures & keep policies under review.
  • DP appointment subject to CBI approval.
  • DP appointed by the Board by way of letter of engagement which describes the role and time commitment allocated.
  • Record Retention policy & procedures : Schedule of records; contracts; LOE’s; Board minutes; reports to DP; Site Visits Records; policies & procedures.
  • Dedicated email address subject to constant monitoring (i.e. daily).
  • Investment Management:
  • Operational Risk Management *:
  • Fund Risk Management *:
  • Regulatory Compliance:
  • Capital & Financial Management:
  • Distribution:
    * Designated Person for Risk functions must be different to Designated Person P for Investment Management
  • Role of Director and Designated Person
    • Recognition by the CBI in the CP that the roles are different
      • Director responsible for strategy setting , controlling and directing
      • Designated Person responsible for ‘day to day’ managerial functions. The executive layer between Board and Delegates.
    • Organisational Effectiveness
      • Specific role conducted by Independent Director who is not responsible for any of the six function.
      • Permissible to obtain support in fulfilling the requirements of Organisational Effectiveness.
    • Business Plan details the managerial functions, the activities to be undertaken for each function and the Designated Person responsible. The DP will ensure that the Business plan is reviewed and maintained up-to-date.
    • Streamlining of Managerial functions.
      • Consolidating ten management functions into six managerial functions.
      • Significant overlap between tasks resulting in accountability being in doubt.
      • More detailed requirements outlined for each function.
      • Updated functions to be reflected in the Business Plan.
    • All other Fund documentation are already in place and have been approved by the Central Bank of Ireland.
    • Fund Promoters on the Platform can, if required, appoint an Advisory Board made up of representatives from the Promoter and/or investors to oversee and advise on the running of the Promoters sub fund. The members of this Advisory Board do not need to be approved by the Central Bank of Ireland.